Philippine Bank to Bank transfers are slow. They take time to clear. Almost as if you write a check from Security Bank, to deposit to BDO, will take 3 banking days to clear. Online transfers are subject to the same time constraints.

What most businesses do locally is do a cash withdrawal (sometimes through a check encashment), grab the cash, walk over to the other bank, and deposit the cash over the counter. The amount is credited instantly this way.

Fortunately, a lot of banks are right beside each other, so you can regularly see people moving from one bank to the other.

For example, in one strip, there are 3 or 4 banks one after the other. Each bank has at least 2 armed security guards. The walking distance from one bank to the next is about 5 meters.

Low tech, but that's the situation. Otherwise, you can always issue a check and wait for it to clear.

Here is the hash rate of all 4 fury units at eligius pool for the past 5 to 6 hours, using BFGMiner 3.9.0. Pricing lowered.

Your rates are kind of high. But you seem to make it easier than the typical local trade.

Just thought to let everyone here know that tagcash.com is now live for trading of Bitcoin and 16 other cryptocurrencies against each other, as well as 9 fiat currencies (including PHP). No transaction charges, and no charges for Philippine users to deposit PHP into BPI, BDO, Metrobank and Standard Chartered Bank. There is also an escrow function (free) that allows users to pay but not fully transfer untill Bitcoin etc has been fully transferred and confirmed, which also protects the seller as the money cannot be released untill proof either way.

Tagcash is a payment platform with a built in exchange. We are based in Makati, but available worldwide. Tagcash aims to become the paypal of cryptocurrency, and this requires us to have an exchange built in as part of the platform. If you want to start selling goods and services for Bitcoin or Cryptocurrency, you can do so using our free API, or creating a merchant account in tagbond.com and creating free adverts, coupons, shopping carts etc. Transaction charges are 1% of sales for merchant accounts.

@Ayakashi - We have been working for the last few months with Bangko Sentral, and we are going through the process of becoming licensed as E money issuers and have already created a 100m Peso company as part of the requirements. Although you don't need a license to create an exchange, we do because we are intending to compete with G Cash and Smart Money in Philippines. As for banking, it's fairly straightforward, different bank to bank payments cost about 100 pesos per transaction, depositing money costs nothing if you have bank accounts with most of the popular banks (as we do). It's been interesting learning about the requirements and needs here. I will be at the Bitcoin meetup next week if you want to talk more.

@Ayakashi - you don't need PHP100m USD$2.5m) to create a foreign owned corporation, in fact that only needs $200,000 (although in practice they do make it difficult). We put the 100m in as paid up capital so we can become Bangko Sentral approved to issue our own currency or deal with electronic money. Unless you are going that route, no need to spend so much..

But if you do set up an exchange here, you are still going to need to get fiat money in somehow, and that is where we can help...and if you are intending to build your own wallet system, we would be interested in integrating it in the same way we will do for vMoney, TCash, Gcash etc

magkano last price nito sir, can't make an ROI of 5 mos with this current difficulty 1,789,546,951

A few pictures from tonight's meetup and celebration of 5 years for Bitcoin! About 40 people attended - good thing there was not one but two cakes!

New to this section !

I hope this can help you  

**UPDATE 19/01/2014 **

BUYING EGOPAY 41 PHP each
BUYING PM 43.40 PHP each
BUYING WMz 41.5 PHP each
BUYING OKpay 41 PHP each
BUYING Bitcoin BTC ( RATE : - 4% BTCE )
BUYING Litecoin Litecoin LTC

AVAILABLE PAYMENT METHOD :

EON BPI PNB SMARTMONEY GCASH

# MoneyRemittance : ( MINIMUM 100 $ )

CEBUANA LHUILER , MLHUILER LBC , WESTERN UNION

www.goldenpay.sulit.com.ph

I'll sell you one. See my rate on localbitcoins.